From Marti Frumhoff:
4202 Chouteau is for sale. They are asking $54,900. It is a 2 family getting ready to be demolished by the city and it seems worth saving.
I suspect an offer of $5,000, that's right, $5,000, might get the winning bid. Find a realtor and make an offer. Or, just call the listing agent and make an offer. Here is the link to the MLS listing.
Monday, November 27, 2006
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This is a classic example of one of our local problems.
A failed developer half-rehabs a building in a historic district.
Then tries to sell for what a knowledgeable local agent believes is 10X its actual market value.
All that's needed is an out of town loan broker to put a $40,000 loan on the property to complete the cycle leading to...
1) foreclosure
2) unsecured and unmaintained
3) foreclosure sale
4) maybe then rehabbed, maybe not
5) possible second foreclosure
6) again unsecured and unmaintained
7) all the while condition going downhill
8) possible second foreclosure sale
9) neighborhood group acquires (maybe)
10) possible LRA foreclosure
11) condition hits rock bottom; development costs soar.
12) LRA blamed for lack of property maintenance and difficulty in resale process.
And this in a desireable, up and coming, relatively strong market area.
Most LRA properties are not located in such well-to-do areas.
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